Hard Money Loans in Plantation
You discovered this outstanding possibility for fixing and flipping this wonderful old property or home in a very good part of town and it looks a lot like the deal you've been wanting for a long time. You've heard that veteran home flippers, such as the married couple on HGTV's Flip or Flop, enjoy an impressive average return close to forty to fifty thousand dollars. And yes, they are aided in a major way as a result of their professional experience, auction skills and understanding of hard money loans. Still, your rehab and remodeling skills aren't bad either — besides, you have already located an ideal licensed contractor to handle this project.
But how do real estate investors obtain capital? Should you opt for a normal bank loan, you will wind up waiting around approximately 30-60 days before the mortgage is authorized and your funds are accessible. With the sellers looking for a fast closing, that doesn't appear like a good option to you whatsoever.
With banks establishing tougher loan criteria in the past several years, it has become tougher for a self-employed individual to obtain a home loan, particularly if his credit score is not perfect. So should you stop trying and forego your ambition to venture off into fix and flips? Absolutely not, given that you always have the Plantation hard money loan option.
If you decide to obtain a hard money home loan in Plantation, you will get what's probably most important to real estate transactions across the country — a very fast closing of about 14 days. Aside from that, loan amounts can be made up to 70% loan-to-value of the as-is home value, as calculated by a qualified appraiser. With the rates starting near 10%, hard money real estate loans may look, at first, to be higher in price when compared with conventional bank loans. But the lengths of these loans are much shorter, making the rate less important. The price of such short-term loans should be viewed on par with every other financial outlay that you will have to meet pertaining to the project. And once you have flipped the house, recouping this expense is identical to recuperating the expense for the bathroom improvements you performed.
Aside from that, hard money mortgages are easy qualifying, even when you have poor credit. As an alternative for focusing strictly on the applicant's credit score or income, Plantation hard money lenders, who could be a privately owned company or an individual, approve a loan after evaluating the property value, its marketability, where it is located, and the possibility of recouping their capital should they have to foreclose the loan. How much money an individual can put down in advance for the property, his real estate experience, and selling price of equivalent properties in the same neighborhood are additional factors that go into analyzing an individual's suitability for a hard money real estate loan.
So any time you come across a good and worthwhile flipping opportunity, rest assured you will have a hard money lender in Plantation, Florida, in a position to lend you the cash you may need. Enter your info into the form or give us a call and let's talk about the property or properties you have in mind.